Pricing everyday items in SATs

[blckhawk]

I don't agree on that idea, not yet. I understand that you want to cancel out all those zeroes for those miniscule amounts of money. But if you made satoshi's as labels for product prices based on their values, you'll have a hard time constantly updating its label every price pump or dip. And you won't even use satoshi, you'll need to use mbtc at least. Satoshis are too small to even represent a dollar. Imagine having label to a coke for 0.12 mbtc, then 4 hours later you would update to 0.10mbtc.

A more viable option is to label them still with local fiat, for example, USD, and then have them the option to pay that exact amount as btc. In that way, you don't have to update labels but can still use btc to transact.

[Eugenar]

I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs

Can of Coke (X) SATs
Meal in a nice restaurant (X) SATs
Rocket for moon (X) SATs + me

Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly.

I'm sure this has been talked about at length - you can just point me there.

[/quote

in terms of implementing your idea on our country, we have some factors to consider, first, the sector for taxation needs to be settled first in order to set some price in bitcoin, another thing is that, bitcoin's market price is so much in a state of flux and volatile. In this case, there should be a standard of pricing calculator that will monitor each and every product.

[Kyraishi]

I think the current pricing system is fine right now, no one wants to use 10,000's of any currency to buy a coke can, it's just too confusing and annoying.

I could see a world where pricing in satas would be possible, but I reckon it'll only work if transactions fees where completely removed.

MBTC is another pretty popular valuation, I see it on a bunch of gambling sites and personally use it for electrum.

[Casdinyard]

FYI 10 thousand satoshi is simply 0.00010000 or 0.0001 BTC. Is that 0.1 mBTC? I don't even know, i also refuse to use that.

Haha 0.1 mBTC is actually confusing.

Tbh, I prefer to read 0.0001 mbtc than 10k satoshis, I don't know but reading it on decimals is much easier. Or maybe if this value had become our norm of daily spending then we get be all used to it.

I would love a physical representation of Bitcoin and I'm sure over the years, i've seen the coins that have a QR code basically stamped on them.

Nah, obviously people don't want anymore to carry some coins and will prefer to have the QR code to be scan on machine and on their phone as well.

[Mike Mayor]

mbtc is much better since it is inbetween. 1/1000 is very easy. 100k satoshi is a nice amount and easy to see. 0.1mbtc is $0.80 for example. 10 mbtc is 0.01 btc. Very easy.
Some of the other people here have said satoshi is good for fees and it is. For fees a small demonisation works best. Just like how bytes kb mb gb tb work.

Well there is well over 80 trillion fiat in circulation.

So let`s say .000000000000000000000000000000001 for a coke

No fool, a coke is like 10 thousand satoshi. Quite simple, come live under hyperinflation to see where your value of things in time end (which Dietrich suggested before getting kicked for supporting the "wrong" person).

FYI 10 thousand satoshi is simply 0.00010000 or 0.0001 BTC. Is that 0.1 mBTC? I don't even know, i also refuse to use that.

If you know then why do you ask? 

[teosanru]

I am of the opinion (my own of course) that for greater adoption, that we need to start pricing in SATs

Can of Coke (X) SATs
Meal in a nice restaurant (X) SATs
Rocket for moon (X) SATs + me

Bitcoin is on the up and buying a can of coke for 0.000096, gives the shop keeper a hard time - but with SATs that would be 9,600 Sats (or 9.6k - casual writing) - which, whilst in the UK might look like hyper-inflation Makes it easier for the shop keeper and consumer-friendly.

I'm sure this has been talked about at length - you can just point me there.

It's much difficult than you think because we either need a digital price tagger or a whole bunch of price tags to change everyday considering the volatility of bitcoin. As a matter of fact BTC was around 11k when you made this post an is now around 8k which means a sudden 30% fall in the prices. So if we make the price tags on things in terms of sats and we don't update them daily. You might end up getting 30% hit on your revenues and remember when you think that it would happen both way around that customers won't bother to spend more money just because they want to pay in BTC there are a hell lot of shops around the corner and if prices go 30% then you will face loss of customers too. So basically first incomes need to be in BTC only then we can have our prices in BTC,

[DiamondCardz]

My opinion is that the satoshi isn't worth enough for it to be used as the main unit of account for transactions at the minute, you don't need to divide prices that finely. I do like the bit (100 satoshis) as a unit of account, at the current price of ~$8000 USD/BTC that means that one bit is worth around 0.8 cents. That's a perfectly reasonable quantity to use. mBTC on the other hand is worth too much at $8 a pop to be used as a unit of account in transactions.

Paying for something that costs $0.20 USD in a shop (e.g. a cheap sweet in a 1st world country or something more substantial in a 3rd world country) could either cost you 0.025 mBTC, 25 bits or 2,500 sat. I think it's pretty easy to see there that the simplest unit to work with is the bit, it's valuable enough that most of the time the numbers you work with aren't going to get awkwardly small or annoyingly large.

[CrowdforAngels]

My opinion is that the satoshi isn't worth enough for it to be used as the main unit of account for transactions at the minute, you don't need to divide prices that finely. I do like the bit (100 satoshis) as a unit of account, at the current price of ~$8000 USD/BTC that means that one bit is worth around 0.8 cents. That's a perfectly reasonable quantity to use. mBTC on the other hand is worth too much at $8 a pop to be used as a unit of account in transactions.

Paying for something that costs $0.20 USD in a shop (e.g. a cheap sweet in a 1st world country or something more substantial in a 3rd world country) could either cost you 0.025 mBTC, 25 bits or 2,500 sat. I think it's pretty easy to see there that the simplest unit to work with is the bit, it's valuable enough that most of the time the numbers you work with aren't going to get awkwardly small or annoyingly large.

Thanks for the example using Bit, it helps create meaning and certainly if you went into a shop now and saw a chocolate bar for 25 bit, its certainly more relatable than 2,500 Sat.

On that note though, what do you think of the word 'Bit' as a currency?

[CrowdforAngels]

It's much difficult than you think because we either need a digital price tagger or a whole bunch of price tags to change everyday considering the volatility of bitcoin. As a matter of fact BTC was around 11k when you made this post an is now around 8k which means a sudden 30% fall in the prices. So if we make the price tags on things in terms of sats and we don't update them daily. You might end up getting 30% hit on your revenues and remember when you think that it would happen both way around that customers won't bother to spend more money just because they want to pay in BTC there are a hell lot of shops around the corner and if prices go 30% then you will face loss of customers too. So basically first incomes need to be in BTC only then we can have our prices in BTC,

I'd agree with you there, with more adoption, hopefully, price stability will come!